Court resumes consideration of Kolomoisky's ferroalloy plant case against PrivatBank
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The Northern Commercial Court of Appeal in Kyiv will continue consideration of case No. 910/12559/20 on June 4 – a lawsuit by the Nikopol Ferroalloy Plant (NZF), associated with Igor Kolomoisky, against PrivatBank with a demand to recognize obligations under 2010 loans as terminated. The bank's press service reported this.

This case is part of a broader legal story related to the so-called multi-million dollar "Optima schemes" being investigated in the US.

PrivatBank filed a lawsuit in the US against former co-owners Ihor Kolomoisky and Gennady Bogolyubov in 2019, seeking compensation for losses caused by the issuance of loans to Ukrainian companies controlled by the former owners, in particular NFZ.

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This money, according to PrivatBank's lawyers, was used to purchase commercial real estate and industrial assets in several US states in the name of companies united under the Optima brand.

After filing the lawsuit in the US, a number of companies controlled by the bank's former owners filed more than 200 similar lawsuits in Ukrainian courts.

The purpose of these processes, according to PrivatBank's lawyers, was to legally establish that all obligations to the bank had allegedly been fulfilled.

According to PrivatBank, every decision of Ukrainian courts that was positive for the former owners was translated into English and used in the American trial as arguments in favor of the defendants.

Due to such statements, the American court suspended the proceedings to find out in detail what impact the Ukrainian verdicts may have on PrivatBank's lawsuit in the United States.

Currently, the Northern Court of Appeal is considering five such cases – three filed by the NPF, and two by the Zaporizhia Ferroalloy Plant and the Marganets Mining and Processing Plant.

Case No. 910/12559/20 is being considered for the third time on appeal after the Supreme Court overturned the previous decision in November 2024.

The NPF demands that the loan be recognized as repaid, while the bank continues to consider the obligations valid due to filing a lawsuit in the US.

  • In October 2023, the Kyiv Commercial Court granted the claim of the Nikopol Ferroalloy Plant and declared all its obligations to PrivatBank under four loan agreements terminated.
  • The bank appealed the court decision, and the appeal hearing of the case lasted almost a year.
  • In September 2024, the Northern Commercial Court of Appeal granted PrivatBank's appeal, overturned the decision of the Commercial Court, and dismissed the claim of the Nikopol Ferroalloy Plant (NZF).